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GARCH/ARCH.
Résumé
L’objectif de l’étude est l'analyse le fluctuation des prix des actions indexer à la
Bourse d'Amman durant de la période comprise entre 2001-2010, a travers du mouvement des
cours des prix des actions cotées a cette Bourse, et une étude des variables qui influent le
mouvement des prix des actions, et effectuer une analyse technique afin de la découvrir un
motif de changements dans le mouvement des prix d'achat d'actions pour l’anticipation du
fluctuation futur des prix. Dans notre étude on utilise des modèles de régression linéaire
simples et multiples, en plus des modèles spéciaux portant sur la volatilité des prix des actions
à travers une série temporelle.
On a conclu que les prix des actions de la Bourse d'Amman ne se déplacent pas au
hasard, l'étude démontrent également que l'ASE sensible aux chocs externes et négativement
lié aux crises récentes.
Mots clés: instruments financiers, les teneurs de marché, la crise financière, l'analyse
fondamentale, analyse technique, l'efficacité du marché boursier, Bourse d'Amman, la
stabilité des séries chronologiques, modèle de régression conditionnelle sur la non-auto-
homogénéité de la variance des erreurs GARCH / ARCH.

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)?N n L # M fY S ¢U L 4 Q) z:2
k,N 2)V+ ( N ' MN ^Y_ O-šF.
kw, (B % " ( # ' MN w, ¨ 9 MN ^Y_.
k%d6"% l N ! 5 ! ›F + 4 $; " F +# lœ q !% % Q) ‰ u q;.
k¨ 9F +, < # Š& # w, %!/ N 4$ j gm Q).
kY %/º Q); n L 5 -% 6 MN } O +9 W; O u%, ,9 & K.
kn %/" hgm vN n % Q) OF q [ ~ 4 F +, Q) Q &.
k,9 &( %, Q)9 )? (o ?% N; Q) , [D!/ 4Y N [f.
k4$ B% 64$ Y hEf vN : ?%/ ( # ' vV " a ¢ C% l MN.
14!E n I
M š[, N )?N 0 Š ? % " 1 C%# !# : T! )”!9 M Š,%· } 4 W; )B ? /:
141!E y AS689 ~ . cGQ) Š ? / M š !# EP V[, N W; $ !:
1411E G d !EO %?/ ,# q > ho • >E ¢C+ f Q) 2 N q $ ? p +/ Q) [f
?# $ @.3
% p ` ( d MN O + Ef YN Qf MN ) Q O A 6 4$ )+9 } ? Ef
Q) ( % 4g F NQf MN M pNG% $ @ } ? Ef MN Q) ,N :% / 3; # "
E } ” 9 & 9 ^ Q) : P { !%/ 0 4g DL p9v?S5 F + s & Q !N
Q) MN } ? Ef ;.4
1412e !E[fA Q)Q O))% ,N O %?/F + / V$ " 9.5
1
! (G_ q D, Q f 9 > ? µ j! "S 6 '!N ›N2001–211.
2
a ^ •> #B #:B !E 0 H 10‰ )d .N? ` !N ›N2003––41k44.
3
$ ¼ ( ! rW X & Y7 G2000–20.
.79– 2005 W X & Y7 G Q / Y V DN j 4
5
X F 9 dW X & Y7 G2006–20.

:17
1413G !EV N * %d q $ g) % l r M p / , Q%/ s!N ¢Cd N Q) Ef
)% & OF vV 9 ^ V ,N F Q) hEf q / q ` ? * %+/ F + q 6; 4 # F + MN NZ6
Q) ( / : !/ w, 4 $ & 4 # F + q % 9" p Q FEN * +9 % N 4$ )+
`M p% ,N ( % Q% p , q3F + W; } _ , _ q 9 g) % l r.1
142!E y ASAd .!) 6 3 cG Z =$ ?%s9 Y % M š !# EP:2
14215 " !EO-S Q) [fyF + ( N ' "3;6 )% & :%% # vV
U K B 9 F + € •/ !9 6; @% D 9 ( %, G9 & Q).
1422!EO-S Q) [fy?!F ? ( O9 N / ( N F d ( N ' MN
•% ! › O & MN ) , $ N F + 5 _ N @%N v? N.
1423^ !E& MN T! 9 ^ V Q% Q) [f‹ T! ‰ %%F6 ? )%? L.
1424p j ]A. !E[fMN h N & N ^ – Cd T!9 4 U B F + t r MN / Q)
F + ^ + ; 1 S` 4 $ 5 N L )_hEfq $ ] V ¨ 9 " l „ u [D!/ ),N Z q / & Q)
Z & P q / 6 F B % ? P MN : F + 4 $; " %d6 l' M / " OL / 6 >
& & P M F + ( N.
143!E y ASE . # †$ Y % 5 h &d .s9 Y % M š !# EP $ ?%:
14315 !E„ u ‚%! Q) MN t •# U } ? [fF + 9 D / # t r -F
B%F + ¨ ´ " 4$” O A 0 t r -F & €B "O+V " r C#F +.3
1432?„ % !Ep •d & & %V$ & Z & p ,N 4$ )d O-šQ) q•d 2 3 "
v% % >$ !),Nlœ! o / MN ^¨ 9 5?? Q) & w, ( "
B %4
MN } ? Ef ‚%!?@)#Ä
.
.80– 2005 W X & Y7 G Q / Y V DN j 1
2
¾ BBE% "S ‡) G+ ,- .N } V @% 1 ,! " g%_ # 4$ )d O 5 ,D%N M • N N 4 FEN
[ % ° ! ¯ + [!N › YF # /2004–22.
3
}Gr6 MN Y ,:
kt !N d fW X & Y7 G2003––9294.
4
X f ‡9 s> ? $q$W ! D2002––149k150.
4
W; D% Q%uB " ?@)#26.

:18
1433Y % !EfQ)” !/ À 0 Q) ( 9 .# " s , s7 , O9 N q $ ?S Q) [
@ % ) / Q) hE)V 2 3 gm G)% lV ) ,q :,m " Q% )u?N ( N ' W; ), A À 5 r %
l r M.1
2B
5 ? !/# " %# # Qf MN" Ž•/ > -% ^ F 5 ? 7•V
$ ! Q) !9 - / #Q% ?! Ef (GL MNp p U L Qf F3 vN ?, B !/ ^ D ;.
21y5 SB
f ?{ % # O ! EP r N 5 F + h / O_ O r M $ 4$ M 4
"? N"O • ? ON 4$ j ¯ / " u%# U B vN ? & vV q¯ / Z6 p% & ?
$ j 4 U V ( !N s!N u%.2
p w, t !# MN ^Y_? > %+ MN q «!y" ?, Z6 w, O • F +, MU$ )V
F + ^$ M ? T“9 N 4$ j $ U V w, 5 ? ‰ u O • F u% 6 ¯ /.E,¼ qƒV
D 9 4 r • ] 9 U w, q , • 5 ?.3
Fp •9 t !{ & O-S N &( r ? 4 U V w, ( " l p,N O_ ] %N O_ O r
/ N 4$ { 4 Nq%9 e 4 U B .4
9 Š !% (GL MN q ª %?% 6 M š( %, O9 & p/ 0 )› w, N 2 M 4 ?
p& u% $ ! N ? ? & $ % q w, )& u% 4 N (GL 9 e 4 U V ! w, p,N O •.
22B ]+ AV
# MN fgm M 5 ? Y %/¢U ¡ MN @fo ’; Q%* ? "#:5
kM 4 ?N 2h ƒ9 N & 0 )› w,.
kF + !• M ? T“9 4g“%N %9 e $ U V w, ? : O •.
k) V % 6 F +, N ! 5 ! › " F +# ? ON l• 6.
kO & ? 9 D# l• 6- " p! 9 M š ³; u% 6 ¯ /.
k• 5 V l • ~ F +, ¸ ” ^ MN ) L o ’ 0 5 B? MN 5 ? , ?S 0 U B ‚%!/
4 # F +,.
1
M.Salah, Les valeurs mobilières émises par les sociétés par action, éd.Edik, Alger, 2001, p22.
2
© vV ?ª V >o m > YW X & Y7 G2001––160k161.
3
p9 $ j j0Y7 GW X &2000–8.
4
J. Peyrard, La bourse, Imprimerie hérissey a ayreux, 3éme
édition, 1993, P27.
5
a ^ •> #W X & Y7 G2003––37k38.

:19
kg“, p! 9 p # l• ( %, Q) ,9 &.
kq / F + B / ?Q)& w, ( " Q) ,¼ w, 5 ? ,?, Z6 >.
23B n I
)7 g !N 4 ! V 5 ? Q /:
231B ! "S? A E- .W; 4 # )› lV 5 ? Š ? / M š:
2311G B, l,DY¡ 5 ? N 5 ? 9 )f / 0 5 ? [f? Y¡
N ! 5 .# N !O S { “9B `[NN ! o # v& MN1
M fY S ¢U º 5 ? hEf v% %/
” MN B!N U V !B/ N _ ”BC?N r • 53 [)V fgm.2
2312# ˆ B0 5 ? 2,/ [f5 F d 1 /$ %&6 N ! 5 .# 7 #
ƒ9fH +N " v %, W; )_ % [_ L O S W; )_ % ".3
232B ! "SS G .i %Š cG †$ Y %š/ M?f : )BW; !# E:
2321I %b BD# " l ),N [D!/ 0 5 ? 2,/ [fF + Y@!/ N ? $ x q ” 9
p/ U V M O •9 ^ V M P 4 #„ u OB / 3; F + 9 ? !N ( •9 ”N 5 ? hEf q / &
, Q) v• " lp/ U V w, ? O •9 ^ V M F + Š& / " 2 3 q ” Oj O w
D 9 ”N 5 ? hEf q / & F_ L = f)N 2?...;Ã(? O $ MN ^
h U V.4
2322I %b NO B0 5 ? [fP 4 # 4•+?# )!/ n ) Mf > MN ,·
s?U h ™ H NY% )_ N w, H & F + ( < Ÿ; w, : ? q ” V % 9)< # fYF N(.5
233B ! "S+ .š/ M?W; !# Ef : )B:6
2331+ B X B‹$ ::4 N K m W; 5 ? OF " Ge ~ U 1 5 ? MN } ? Ef
‚F U w, ( 9 -% , p 4 U B 56 !N { B| " :,D p , $$Y } ? Ef { 4
" p , f ~.
1
K.Frank Reilly & C.Keith Brown, Investment Analysis: portfolio management, The Dryden Press, Orlando, Sixth
Edition,2000, pp506-507.
2
1G N [ % $ .V d$ %: ;$q v o % +?, 4g#W ! D q$2004–97.
3
a ^ •> #& Y7 GW X2003–33.
4
4$ _ ¨GW X & Y7 G2000–183.
5
> 9Y $ j 4Y¼0( %: ;q$ v o % +?, .N2001–231.
6
X F 9 dW X & Y7 G2006–27.

:20
2332+ B X BNŒ} ? Ef4 U B ( !N : g“% g“%N U w, p,N O • 5 ? MN
? !N $ %& 5 d.# ! / " 4 U .
234B ! "SB „ G ". cG †$ Y % S G .W; 5 ? Š ? / M š !# Ef ::1
2341!E u@ 65 P $ " BEf? Q) W; p, A N; M ”% 5 ? MN } ?
q V D lB/ 3; u% 62 3 w,.
234265 P $ " NO B,9 & gm K 5 ? " O V { &` 5 ? vU + O + [f
O u%, ,9 & q / KƒV L 4Y N u?N q; O u%,.
235! "SBE 7 .E3 "PW; 5 ? Š ? / M š !# EP V:2
2351%+ B6 < % 9 $ j u% ¯ / P € 5 ? M 4 [fW; h$ ? ON M š
F +# " p! O9 ?, Z6 w, ( u, 4 #.
2352• "P Ž5 S B X Bg & q q M š $ j u% ¯ / P 0 5 ? [f
?, Z6 $ % [ 4 # F + W; p,N 1 % ¯ % Ef " O_ O r ] %N.
236B y ASE8 [ z S "5 .# Ef :!W; 5 ? Q /:3
2361e B!9 6; ( %/ 6 pZ 9 F + / V$ " 4 N q / ) Q 9 / 5 ? [f
ON 9 ,@N q / q M š F ,# O ? & V F + / V$ " q )? (o ?% 5 e; )% V N
OF O @% O +G @/ ,@N q / & 4 U B [, M MNUY_] V Z6 O @/ >.
2362E G d BV # )? (o ?% ª %• 6 Q ,% 9 P / Q% ),N Q MN ,· 5 ? [f
HG@ " 2 3 5 e; 4 # F +" l ),N q(w,U V¯ / ? )& u% ? ? 4
4 d N Z6 p% & 1G% p,N l• u% 6.
237B y ASw F 4 w Z l E $ 3 .W; 5 ? Š ? / M š !# EP V:
2371w Z l $ 3 NO B# )@, o ’ 6 5 ? [fMN : > ^ Br¬ f^ % P 4
` " 2 3 ¢ 3; 6; ^ % G ,9 & gm 5 ? hEf q / q O ‰.4
1
X F 9 dX & Y7 GW2006–27.
2
> ? µ jq LRW X & Y7 G2001–251.
3
> € "W X & Y7 G2009–110.
4
pFIY7WlZ–112.

:21
2372B$ "w Z l^Y_ ^ % ^ d 4$ ƒ9 5 ?, 4 # F +, * + Ef [D!
" )?N 4 # 5 ? OFMN ‚F U$ q >E ^ % 6 !9 ^ % 6 Q% N 4$ ) ? >E &
^ % 6 4 G!9 ^ % 6 ! Z6 s9 B w ?, Z6.1
3B " 9
# 5 %+# 5 )ŒF" # $ %&6 5 D%, % @%?& l%+/ $ [)V ž !LR O & MN )%
v, 5 ? Q) F ]/ # [ O p, l,D...;Ã2
: N l u%9 -% , $ ! hEf /
! } • N O ^$ w, $ % U L3
[)V$Nl%+/)% &MN&!_ N)$ _ N‡ •(M š)N C%
{ m4$ !%N* u% F-% 69 ”#q:, /)% &dMN:, /&$ _ #‡ ”PP d o 9 MN
,_‹ $ !5 , %# $$ # $ 5 ¡ $,e # ¢U ¡ 53 # $ ! MN fgm.{ [, V
Y_ N$ ! hEP.
317‘ "
sV r s9 B/ [fs% .N & !%/ N $ • !9 l 6 & " ‡ < N O v 9 ^ +
w, ( F d N .Nl 6 N " 4$ j 9 s!N !9 B 1 S;.4
& gm $ ,_‹ $ ! ‚%!/[D!/ ( %, ,9& " s!N O $ N : / % !N ON 1Y% 6 l ),N
” N $ • !9 N $ • [, %N.5
/E B?% ! MN w, ! vB/ 3; 2 E p& u% ? ! / Q%? 9 : N l • > %+# qƒV
q 4 L vU %› p% & MN O&•9 } hEf " O$ E B?% ! MN O& ! q F 3; N
› p% & MN w, !9 } hEf " O q : N vU l • ? 9 U L % > %+# qƒV ! ".6
32" "
9 ON !% D/ n$5 " ! u 0 , %# $ ! 1 & 5 ? / $ ’; W; )! / ,_‹ $ !
?# gm ?#W 4 V 2 E ^ w,$ !,, %#,_‹ $ ! F?! Ef (GL MN
B !/ ^ D ; Q%, %# $ !,Qf F3 vNU L).
321" " y5 S
‚%!/hEf O-S š & ,_‹ $ ! p +/ [)V < # -% 6 ( a " - 5 $ MN , %# $ !
!, Q ,/ { “9 > %+N L‹ vU 9 7 sV r s9 & !/ 5 $p , lB%N l 6 ¯ / " O.7
1
> 9Y $ j 4Y¼0Y7 GW X &2001–232.
2
D µ ¼( 7 6 9G$!N ›N2003–211.
3
[,! ¼5 %: ; <= > B %: ; ? @l+N$ !N _2008–98.
4
Aimé Scannavino, Les marchés financiers internationaux, Dunod, Paris 1999, pp62-64.
5
!N d ft6 N F FW X & Y7 G02003––154k155.
6
m j $ jW X & Y7 G2005–133.
7
> ? µ jq LRW X & Y7 G2001–413.

:22
/t !K w,p , lB%N !9 N & ?_ , !, 1G% Q ,/ w, M & !%# sV D 1Y,
$ j ¯ / "!/9 ”# { m MN OF " )N C% Q% E 9 v% %/ ( %, ,9 & N & 9 -
)9 -% , M š * u%> %+# 1Y, hEf " " U ! 9 & > " ! v q
( ! D9 ! q ” ›.1
, %# $ !( / Q% s!N !9 O %# " s!N & " N O v 9 ^ d w, sV r s9 B/ [f
MN 5 " , %# $ !& ! " r q !, !N 5 Z $ A ? ~ ( % O!_ O_
1 %• t ! q•9 • sV D MN GF [D!/ R V / qƒV 4 ” 9 T! )”!9 q V ! 6.2
F4 d` ÀŠ !% "! 5 , / ¶MN p , :/ % N^ V w, 4 1 r •
V /, %# $ !R9 [ /¿N P 1 ?Ä
/ 3;+N f { ByU Ny4 9 n & !% t r p $
4 " 4 " q p!N q ,N !% >EN 5 ? Y¡ 5 $...;Ã¿N P Ef)¿N P
U #[(! B / ? 6; h$$ % Q% 6 !, Ÿ` MN ‚%!.3
322" " ]+ AV
¢U L 4 , %# $ !,)7:4
32216#$ _ N q / 0 !, 5 %N s!/ ! " p , lB%# O A ?
%C# O z V ! / O !/ Q% " ¨ %N f N 4$ _ " g F M /.
3222" !R.Oj O tG%L 9 Š,%· 3; :_ Q,/ q [“ ? 0 O F p9
& !%.
3223! B S S% q N A Q% q :’„ ] / / 0 v,, ? 9 L D 9 Q ,
Q ,%, , 9 v& N A 56 " ! O !/ Q% 4g F O Š /.
32246 " ($ / 1 S` , %# $ ! " sV D p , lB% >E ! f" ! Oj B (
O %#.
1
D µ ¼W X & Y7 G2003–234.
2
$ ¼ ( ! rB " 9:> 0 ^ ? @ 0! ) F0@% ? ,,)N ”&4 !(? ` !N › €N ¡ ^Y›2001
–16.
4
(GL MN ¿N P 1 " -F O B% Q%5 B / " ! %# :uB "44.
3
[,! ¼W X & Y7 G2008–109.
4
D µ ¼W X & Y7 G2003––135k137.

:23
33V; "Z
g“/ r • MN u, V s9 ”# M -% , [D!/ 0 - # 5 $ n ; %L6 $ ‚%!/
! 9 $ ! hEf 1 9; ^ vV ¡ $ " r 5 !& / " tG%L6 ! Z ¨ 9 l A ( !
^ d.1
331y5 SV; "Z
( t D, [D! p _ ¡ j vU 9 L‹ ¡ > %+N 7 sV r s9 f %L6
)> %+#(( t D 1 q O9 N 2 3 N N p , lB%N !9 ? !N 4 %V (GL # & v 9 ^ d " l
N 4•V N 4 G vV 9B & MN ^Y_ $ , ,9 & gm 4•V N M 4 [f X - t D, ? !2
M ”
) , lB%# Q) v 9 ^ d " %L6 l p %L6 ON q > NY% € p,N %L6
ž 3; v ^ + 9 1Y,N gm p? ! } :pN MN ! Ef E B?/ " p q > 2 3 " :m.
B? 6 & %L6 qƒV E B?% N ( , ?EhE B?%9 1 & 3; N p , 1Y% > q $ [)%? ! ( !BN qƒVqƒV
NY,N ! q 2 E : @% q ! j w,3
1 / < % 9%L6 $?! w,h 3:4
k&. 9GN ! E B?/ 1 E B?/ " l p q %L6 l ^ +9 1 >E fx )!V 4•V N O9
%L6.
V; •6 • >E ¢C+ f• 4•V N O9 N p %+N %LO%L6 > %+N MN ) ,.
h F! 1 9; & & ! f.
fB/6 ^ )% ? & !.
h F Ž5 S! 1 9;.
w E I; Ž5 S>E ¯ % f1> %+# p V9%L&hE B?/.
?j= 86 > %+ , q q O9 N u , l > %+N p!V >E # [fE B?/ 1 E B?/ " l %L
B/6.
332V; "Z n I
V 5 B ? / 4 ! %L6 $ Š ? / M šu? w, 2 3 } 4 A M š Š ? / O" • #
O +#<:
1
Bertrand Jacquillat, Bruno Solnik, Les marchés financiers: gestion du portefeuille et des risques, Dunod, Paris, 3édition
1997, p316.
2
$ ¼ ( ! rW X & Y7 G2001–39.
3
q ”N $ om" "d C %: ; | G! D q$ +?, OU $W2002–91.
4
> ?f Q f 9; g?N( %: ; B? ` t !# 4•+?NN1999–605.

:24
!3 689)0104(:¡ $ }
$ Š ? / Q% O + Ef (GL MN[, F ¡:
3321"FA n I 1 v Z y A:W; Š? /:1
33211w 9 V &.l [D! B/ f)1Y ` €(!9 ( MN s!N $ ^ d " -% ,
-%# )N 4•V N g ? !N 4 N (GL N $ j.
33212Y V &.f-% , l [D! B/)pNY, 6(N $ j !9 ( MN O v
O %# " ) , ( " :m LR t D.
33213B I %b4$ ) ) w, 5 F + f / ^ + %L l [fN, r ?No 4 %B q /
%L6 [& 9 N.2
3322"Z y ASˆ" h F S Ž5 S .W; Š ? % Ef : Q /:3
33221’ V; &.%L l f)!N 7 v 9 ^ d(hE B?/ p% ~ Q%/ l Ef q gm
! ^ )% 6 $ x # ".
33222m85 G V; &.:%L l f)v 9 ^ d!N 7(> " hE B?/ Q% l Ef q gm
4 %B (GL &4 % #pU )% ¯ / ! 1 9; s9.
3323ˆ "Z y AS8 G .W; Q / Š ? % Ef ::4
33231v Œ V; &.%L l f)!N 7 v 9 ^ d(qz O!B 9 N ! j p V
K•+9 & !% 0 #.
1
_ Å BjB # (UY› N f $ ! DNW ! D2002––90k105.
2
$ ¼ ( ! rW X & Y7 G2001– –43k44.
3
! Q f 9; (G_! "S 6 '? ` !N ›N! DW2003–338.
4
> ? µ j! Q f 9; (G_wBD N V ( K( %: ;H " 9G0? ` !N ›N2005–310.
A n tttI t ."F
" h F S Ž5 S t .
8 G .
“ tttt tt .
B I %b 0Y V &. 0w 9 V &.
m85 G V; &t. 0’ V; &.
v Œ NO V; &t. 0v Œ V; &t.
tt G 0 “ ttG NO 0 “ ttG)U= 8 G(
A:w, ^ ?9 O + Ef $ ; À:$ ¼ ( ! rW X & Y7 G2001––43k46

:25
33232v Œ NO V; &.%L l f)!N 7 v 9 ^ d(O!B 9 N -%# p V q 6
K•+9 & !% Q% 0 # z.
3324ˆ "Z y AS“ .Ef :Š ? %q F 3;; E B?% !! 9 p%&G " 9 ’
Q), [& q F 3; N 9 N L )V,q F 3; N 9 N gm L )VQ), [& !, Ge ~ E B?% !
ÆV %N L )V.1
34"Z
C# • D“% 5 $ n ; $ # $ O-S4 U B ! g“/ r • L rQ% ?! Ef (GL MN
B !/ ^ D ;$ # $ !q / vN)% 7.
341"Z y5 S
6 4 %V (GL ? 5 V % MN ,, ($ % -F sV r s9 B/ [f), %N(,, [)V 2 E
B?% 6 $ ! MN" D 1Y,N $ # qƒV %L6 $ € w, $ 5 %V w, )% / Q% E
N )% / Q% 6 U ¡ ¨ 9 q F !.2
K w, t !/ F1Y%> & !/M ”%$ N}s!NMNlV %> ?$ _ Ns!NO9 NlV />
$ _ NLR:_* dE B?/? !NlB%) ,?& !%.3
342B; "Z:% ? O B f $ " 56$ # $ 7 M /q B,%C# r C# MN * u
7 hEf/‹ * ? { !:4
k]9 / 0 $ ! q;N !# !N Y/ %9 - ! 9M? 9 F•% 565 NY% G, %#K; L
Bx O !/ " Q)/-% 6:tz , %# ›.
k?&1{ & ˜ %9 N .Nq f9 e ( !N ? 2 3 O+B r C 4$ )N q / & , ! hEf qƒV
! ‰ u ( •! QK f ^ )% O & 4 U B ! { B| ? QK $ $ 9 s? # MN G-N 52 3 !9 O %
Â$ !9/ r C# hEf MN u,%!N O9 N %9 e ! $ N W; q f 5 %U 9 ?!# .# OC!N 56
)N [& d.N :.(
k!%# r C# O !//•%# r C# ª ¡ " -% MN N .N p!& %/ >E OL O-N ?_ , ! 5 V %9 ,
, " ?_ 4 U B ! A MN• O +9 -% 6 9 ‡!#u% Š,%,x 4 U B !.
k$ ! hEf " OL / 56$ # $ !9 ?!# t r q;4Y N O %N O +9 )?N OF n V %/ N ?)} "
N !N %9 e q F q; !(# # U ! qƒV < % 9t r V F W; $ !/ & !& %.
1
$ ¼ ( ! rW X & Y7 G2001–46.
2
m j $ jW X & Y7 G2005––137k138.
3
Qd f>o V' 9$>$ !0zH .N+?,v o %qq$0082–86.
4
t !N d f6 N F FW X & Y7 G02003– –168k169.

:26
4RE
‚%!/„ v% %/ 0 5 B s9 vr & O +9 Y S !/ ž 4 _ N ?@)#> # 5 $
)?N OF 5 Z ¢U L s9 _YN O9 Q) > ,# 5 $ 5 ?.1
p ,?@)# z qƒVT!9
M š 6 < % 9 5 ? 5 B 5Y ~ T!9 & €B " O A F ) Š,%C Q) 5Y ~ 5 B
6 ) f %?5;K)? 9 ] ,L.
?@)# s9 Y % M š[, F /‹:
41?„ % !E
‰ %%FG M -%# Y BA { “9 Q) hEf W; 5 F + •@,/9Q)H +N O S P Z v / "
# H 9 ! T!9 )_ N " 4 ›% ?! Ef (GL MNB !/ ^ D ; Q4o % # Q) zF3 vN).
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Jack Glen, Op.Cit, 1995, p8.
2
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2
n ? µ jB !E ! "S 6 '? ` !N ›N2000–28.
3
‡ q !Ÿ Š!E11/01/2011.
http//www.zahran.org/vb/zahran25455.html.
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Trading System Guide, p2, 11/01/2011, web site:
http//www.adx.ae/English/Brokers/Documents/Broker%20examination%20material/TradingSystemGuide.pdf
5
> ‚ q !dW X & Y7 G2002–77.
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WlZ Y7 pFI–77.

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L.Harris, Trading & Exchange: Market Microstructure for Practitioners, Oxford University Press, New
York, 2003, p225.
2
Trading System Guide, Op.Cit, p2.
3
q !§ q !§W X & Y7 G1999–47.
4
Jean François Susbielle, Comprendre la bouse sur internent, Edition d’Organisation, Paris, 2001, pp356-358.
5
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1
> ‚ q !dW X & Y7 G2002–189.
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n ? µ jW X & Y7 G2005–38.
4
V.Paul. Azzopardi & J.Silvio Camilleri, "The Relevance Of Short Sales To The Maltese Stock Market" [Electronic
Version], Bank of Valletta Review, No. 28, Autumn 2003, Visited On 16/12/2010, From, p2, web site:
http//www.bov.com/pdf/bov_review28-1.pdf
5
n ? µ jW X & Y7 G2005–39.

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